Paramount Global (PARA) wrote down the value of its cable TV business by 6 billion, following the write-down by Warner Bros Discovery (WBD), a steeper one, a write-off of $9.1 billion. These losses in value reported on consecutive days have highlighted the imminent collapse of cable TV networks in the nation. Paramount will also cut its US workforce by 2,000.

Paramount’s Thursday press release about the decline in the value of its cable networks was almost an open secret, as the cable TV divisions have already seen declines. Once popular channels such as MTV, Comedy Central, and others keep losing web fans much faster than they gain them.

The entertainment conglomerate also said that it would cut 2,000 jobs in the US, which is 15 percent of its workforce. The job cuts are due to the fall in the cable TV business. It is expected to cut costs by $500 million before it merges with Skydance Media, founded by David Ellison, the 41-year-old son of Oracle co-founder Larry Ellison.

Earlier on Wednesday, Warner Bros Discovery told investors about the steep decline in the value of its cable TV business and that the write-down would amount to $9.1 billion.

Both Paramount and Warner Bros Discovery said that their digital businesses were on the rise and were expected to grow further.

Paramount will be acquired by David Ellison, the son of Larry Ellison, the founder of Oracle so shareholders may not be worried about the write-down. However, Warner Bros Discovery shareholders have reason to worry, as their stock could lose value in the short term but is expected to recover in the long run, depending on the growth of the entertainment giant’s digital business.